Hub Group, Inc. Announces Results for the First Quarter Ended March 31, 2001 And the Dial-in Information for Its Quarterly Conference Call

Apr 18, 2001, 01:00 ET from Hub Group, Inc.

    LOMBARD, Ill., April 18 /PRNewswire/ -- Hub Group, Inc. (Nasdaq:   HUBG)
 reported results of operations for the quarter ended March 31, 2001.
     Revenue increased 5.3% to $345.9 million for the quarter.  Intermodal
 revenue was $243.5 million, which represents an increase of 2.4%.  Brokerage
 revenue posted an increase of 2.9% to $51.1 million.  Overall logistics
 revenue increased 24.6% to $51.3 million.  Within logistics, Hub Group
 Distribution Services (HGDS) increased 4.6%, while the Company's supply chain
 solutions revenue increased 68.3%.
     The Company reported a net loss for the quarter of $0.7 million or $0.09
 per share compared to a loss of $0.3 million or $0.04 per share last year.
 The first quarter of 2001 included charges to earnings for asset impairment,
 loss on disposal and excess depreciation, which equaled $2.1 million or $0.27
 per share on an after-tax basis.  Without these charges, net income would have
 been $1.4 million or $0.18 per share.  The Company recorded an impairment
 charge of $3.4 million which related primarily to HGDS' exit from the
 large-box home delivery business for items purchased over the internet.
 Without the effect of the asset impairment charge, HGDS generated pre-minority
 interest, pre-tax earnings of $1.4 million.  The excess depreciation taken in
 the first quarter totaled $0.9 million, which related primarily to the
 shortened useful life of the Company's legacy operating system, which is being
 replaced by a new state-of-the-art proprietary operating system.  In addition,
 the Company disposed of a piece of software, which resulted in a loss of
 $0.4 million, which impacted other income (expense).
     Hub Group's Chairman, Phillip C. Yeager, stated, "All of our service lines
 showed positive revenue growth during a time when there was little support
 from the general economy.  We are particularly pleased that we were able to
 produce strong margins while also continuing the work of streamlining our
 business processes and systems."
     Hub Group's first quarter conference call will be open to the public.  The
 call will be held on Friday, April 20, 2001, at 10:00 a.m. CDST.  Anyone
 interested in listening should dial 888-328-2939 and ask for the Hub Group
 Conference Call (David Yeager is the chairperson).  The call will begin
 promptly at 10:00 a.m., so participants should call in at least 10 minutes
 prior to the call to ensure that operators have sufficient time to record your
 name and company affiliation.  A replay of the call will be available after
 the call through April 23, 2001 at 5:00 p.m. CDST.  To access the replay, call
 800-633-8284 (Domestic) or 858-812-6440 (International) and enter 18441182.
     Hub Group will not be taking questions on the call.   Instead, we will
 answer questions submitted in advance of the call via e-mail.  Please direct
 your questions to the Company's Chief Financial Officer at
 jparker@hubgroup.com prior to 5:00 p.m. CDST on Thursday, April 19, 2001.
     Hub Group, Inc. is a leading non-asset based freight transportation
 management company providing comprehensive intermodal, truckload, LTL,
 railcar, air freight, international and related logistics and distribution
 services.  The Company operates through a network of over 30 offices
 throughout the United States, Canada and Mexico and had 2000 sales of
 approximately $1.4 billion.
 
                                HUB GROUP, INC.
           UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)
 
                                                           Three Months
                                                          Ended March 31,
                                                      2001              2000
 
     Revenue                                        $345,935          $328,568
 
     Transportation costs                            299,899           289,103
          Gross margin                                46,036            39,465
 
     Costs and expenses:
        Salaries and benefits                         24,705            23,176
        Selling, general and administrative           12,212            11,367
        Depreciation and amortization of
         property and equipment                        3,135             1,153
        Amortization of goodwill                       1,435             1,435
        Impairment of property and equipment           3,401                --
          Total costs and expenses                    44,888            37,131
 
             Operating income                          1,148             2,334
 
     Other income (expense):
        Interest expense                              (2,944)           (3,184)
        Interest income                                  253               172
        Other, net                                      (314)              103
          Total other expense                         (3,005)           (2,909)
 
     Loss before minority interest and
      benefit from income taxes                       (1,857)             (575)
 
     Minority interest                                  (711)              (38)
 
     Loss before benefit from income taxes            (1,146)             (537)
 
     Income tax benefit                                 (470)             (220)
 
     Net loss                                          $(676)            $(317)
 
     Basic loss per common share                      $(0.09)           $(0.04)
     Diluted loss per common share                    $(0.09)           $(0.04)
 
     Basic weighted average number of
      shares outstanding                               7,708             7,706
     Diluted weighted average number of
      shares outstanding                               7,711             7,740
 
 

SOURCE Hub Group, Inc.
    LOMBARD, Ill., April 18 /PRNewswire/ -- Hub Group, Inc. (Nasdaq:   HUBG)
 reported results of operations for the quarter ended March 31, 2001.
     Revenue increased 5.3% to $345.9 million for the quarter.  Intermodal
 revenue was $243.5 million, which represents an increase of 2.4%.  Brokerage
 revenue posted an increase of 2.9% to $51.1 million.  Overall logistics
 revenue increased 24.6% to $51.3 million.  Within logistics, Hub Group
 Distribution Services (HGDS) increased 4.6%, while the Company's supply chain
 solutions revenue increased 68.3%.
     The Company reported a net loss for the quarter of $0.7 million or $0.09
 per share compared to a loss of $0.3 million or $0.04 per share last year.
 The first quarter of 2001 included charges to earnings for asset impairment,
 loss on disposal and excess depreciation, which equaled $2.1 million or $0.27
 per share on an after-tax basis.  Without these charges, net income would have
 been $1.4 million or $0.18 per share.  The Company recorded an impairment
 charge of $3.4 million which related primarily to HGDS' exit from the
 large-box home delivery business for items purchased over the internet.
 Without the effect of the asset impairment charge, HGDS generated pre-minority
 interest, pre-tax earnings of $1.4 million.  The excess depreciation taken in
 the first quarter totaled $0.9 million, which related primarily to the
 shortened useful life of the Company's legacy operating system, which is being
 replaced by a new state-of-the-art proprietary operating system.  In addition,
 the Company disposed of a piece of software, which resulted in a loss of
 $0.4 million, which impacted other income (expense).
     Hub Group's Chairman, Phillip C. Yeager, stated, "All of our service lines
 showed positive revenue growth during a time when there was little support
 from the general economy.  We are particularly pleased that we were able to
 produce strong margins while also continuing the work of streamlining our
 business processes and systems."
     Hub Group's first quarter conference call will be open to the public.  The
 call will be held on Friday, April 20, 2001, at 10:00 a.m. CDST.  Anyone
 interested in listening should dial 888-328-2939 and ask for the Hub Group
 Conference Call (David Yeager is the chairperson).  The call will begin
 promptly at 10:00 a.m., so participants should call in at least 10 minutes
 prior to the call to ensure that operators have sufficient time to record your
 name and company affiliation.  A replay of the call will be available after
 the call through April 23, 2001 at 5:00 p.m. CDST.  To access the replay, call
 800-633-8284 (Domestic) or 858-812-6440 (International) and enter 18441182.
     Hub Group will not be taking questions on the call.   Instead, we will
 answer questions submitted in advance of the call via e-mail.  Please direct
 your questions to the Company's Chief Financial Officer at
 jparker@hubgroup.com prior to 5:00 p.m. CDST on Thursday, April 19, 2001.
     Hub Group, Inc. is a leading non-asset based freight transportation
 management company providing comprehensive intermodal, truckload, LTL,
 railcar, air freight, international and related logistics and distribution
 services.  The Company operates through a network of over 30 offices
 throughout the United States, Canada and Mexico and had 2000 sales of
 approximately $1.4 billion.
 
                                HUB GROUP, INC.
           UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)
 
                                                           Three Months
                                                          Ended March 31,
                                                      2001              2000
 
     Revenue                                        $345,935          $328,568
 
     Transportation costs                            299,899           289,103
          Gross margin                                46,036            39,465
 
     Costs and expenses:
        Salaries and benefits                         24,705            23,176
        Selling, general and administrative           12,212            11,367
        Depreciation and amortization of
         property and equipment                        3,135             1,153
        Amortization of goodwill                       1,435             1,435
        Impairment of property and equipment           3,401                --
          Total costs and expenses                    44,888            37,131
 
             Operating income                          1,148             2,334
 
     Other income (expense):
        Interest expense                              (2,944)           (3,184)
        Interest income                                  253               172
        Other, net                                      (314)              103
          Total other expense                         (3,005)           (2,909)
 
     Loss before minority interest and
      benefit from income taxes                       (1,857)             (575)
 
     Minority interest                                  (711)              (38)
 
     Loss before benefit from income taxes            (1,146)             (537)
 
     Income tax benefit                                 (470)             (220)
 
     Net loss                                          $(676)            $(317)
 
     Basic loss per common share                      $(0.09)           $(0.04)
     Diluted loss per common share                    $(0.09)           $(0.04)
 
     Basic weighted average number of
      shares outstanding                               7,708             7,706
     Diluted weighted average number of
      shares outstanding                               7,711             7,740
 
 SOURCE  Hub Group, Inc.